Influential Treasury committee chairman Andrew Tyrie has warned progress by the regulators in bringing forward the new senior managers regime has been “sluggish” and “inadequate”.
The SMR is due to replace the approved persons regime for the UK’s largest financial institutions from March this year, according to Mortgage Strategy‘s sister title Money Marketing. It will then be rolled out to all regulated firms, including advisers, by 2018.
Speaking during a House of Commons debate on the Financial Services Bill yesterday, Tyrie asked Treasury economic secretary Harriett Baldwin whether she had requested a progress report from the FCA and the PRA on the introduction of the new rules.
He added: “I have to say, on the basis of what we have heard, that progress is inadequate.”
Baldwin said the Treasury is focused on ensuring the regime is in place for the largest “systemically important” firms next month.
However, Tyrie argued implementation has been “sluggish” so far.
He said: “I am concerned that the minister is not pressing more vigorously to make sure that certification and the senior managers regime will be fully implemented and to time.”
Attempts by the Opposition to vote down the Bill, which also includes measures to create a secondary annuities market, were not successful.
The Opposition amendment was defeated by 289 to 252.